Question

a bank gives interest at a rate of 3.5% each year. If you start an account at the bank with 3500 SWEDISH krona, how much money will you have in the account after a year

Answer 1

$3624.48

Explanation:

This is a bank interest formula that is -> P(1 +/- r/n)^rt

3500(1 + 0.035/12)^12*1

The answer is 3624.48